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LAREDO INNER CITY HOUSING
A CASE STUDY: For Potential Redevelopment
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LAREDO INNER CITY HOUSING
SUPPLY?
DEMAND?
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LAREDO INNER CITY HOUSING
DEMAND?
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LAREDO INNER CITY HOUSING
WHO IS OUR TARGET DEMOGRAPHIC?
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*Viva Laredo Comprehensive Plan
LAREDO INNER CITY HOUSING
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WHERE MILLENNIALS LIVE
LAREDO INNER CITY HOUSING
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LAREDO INNER CITY HOUSING
TOP TWO RESPONSES 64% Mixed-use buildings
60% Downtown redevelopment through new housing options
"What do you consider to be the biggest opportunities for housing in Laredo?”
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SURVEY RESULTS
LAREDO INNER CITY HOUSING
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LAREDO INNER CITY HOUSING
SUPPLY?
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LAREDO INNER CITY HOUSING
Tools
URBANIZING.ORG - List of vacant lots in
Laredo
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LAREDO INNER CITY HOUSING
Tools
OTHER TOOLS - Loopnet- Crexi- Webb CAD- Your car 🚗
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“IF YOU BUILD (IN) IT, (THEY) WILL COME.”
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LAREDO INNER CITY HOUSING
Potential Redevelopment
CASE STUDY - 1219 Lincoln Street - Mixed-Use Project- First floor live/work - Second floor living
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REDEVELOPMENT STUDY
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LAREDO INNER CITY HOUSINGSTREET VIEW
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CURRENT CONDITIONS
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GROUND FLOOR
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2ND FLOOR
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EXISTING
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Existing & Proposed
PROPOSED
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The numbers
Things to determine - Total Acquisition costs- Redevelopment cost- Income potential- Annual Vacancy Rates- Operating Expense
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The numbers
How do we measure return?- Capitalization Rate
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The numbers
What is Capitalization Rate?
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The numbers
What is Capitalization Rate?Net Operating Income $5,000Price Paid $100,000Cap Rate % 5.00%
Net Operating Income $10,000Price Paid $100,000Cap Rate % 10.00%
÷
÷
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Determining Feasibility- Cap Rate
Rentable Square footage- 1st floor residential- 4,405- 1st floor live/work- 4,993- 2nd floor residential- 9,397
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Rentable Square Footage Rate:
Floor SF Rate1st residential 4,405 $1.001st live/work 4,993 $1.602nd floor residential 9,397 $1.10
Determining Feasibility- Cap Rate
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Total Potential Income:
Floor Month Year1st residential $4,405 $52,8601st live/work $7,989 $95,8662nd floor residential $10,337 $124,040
Total: $272,766
Determining Feasibility- Cap Rate
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Net Operating Income:
Floor YearPotential Rental Income $272,766Annual Vacancy Rate 10%Operating Expense 30%Net Operating Income $171,843
Determining Feasibility- Cap Rate
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Total Redevelopment Cost:
Total Square Footage 18,795Cost of Construction $45Total Cost: $845,775
Determining Feasibility- Cap Rate
x
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Total Project Cost:
Cost of Construction $845,775Purchase Price $820,000Total Cost: $1,665,775
Determining Feasibility- Cap Rate
+
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Capitalization Rate:
Net Operating Income $171,843Price Paid $1,665,775Cap Rate 10.32%
Determining Feasibility- Cap Rate
÷
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LAREDO INNER CITY HOUSING
END